After the successful organization of G20 in India, the news of the growing bilateral relationship between Italy and India was going around at the international level. Last Thursday, Italy’s Prime Minister Georgia Meloni sealed the growing closeness with India by officially coming out of China’s BRI (Belt and Road Initiative) project. The Italian newspaper Corriere della Sera broke the official news three days ago. Italy was one of the most essential members of the G7 group, which participated in the BRI project 4 years ago.
Italy’s initial 2019 decision to join the trade and investment initiative spearheaded by China alarmed its Western allies, especially the US. Italy was the only G7 country to take part in the industry at that point. With this latest move, months of conjecture about Italy’s position on the Belt and Road Initiative ended.
Giorgia Meloni Comment
Referring to the previous populist government’s decision as a “mistake,” Prime Minister Giorgia Meloni hinted earlier this year that Italy was reevaluating its involvement. Italy’s participation would have automatically renewed for the next five years had it not notified China by the end of this year of its intention to withdraw as part of the formal process.
What is Belt and Road Initiative (BRI)?
“One Belt, One Road” is the official name of the Belt and Road Initiative (BRI), a comprehensive foreign policy project launched by Chinese President Xi Jinping in the fall of 2013. The “Silk Road Economic Belt” connects China to Central and South Asia, the Middle East, and Europe on land. In contrast, the “21st Century Maritime Silk Road” connects China to Southeast Asia, the Middle East, Africa, and Europe via essential sea routes on land. These two primary components of the initiative are integrated into one another.
The Belt and Road Initiative (BRI), sometimes known as the New Silk Road, is a massive infrastructure project network to advance trade, economic growth, and cross-cultural interaction. The initiative consists of the 21st Century Maritime Silk Road, which crosses the seas, and the Silk Road Economic Belt, which runs across Asia on land. These routes connect China with Europe, the Middle East, Africa, Oceania, and Latin America to promote more significant trade and communication between countries.